Thelen: And Then There Was Steiner. For Now.

It’s a bad sign when the name partners from one side of a merger leave less than two years after it takes place.

The Blog of Legal Times, a Legal Pad sister blog, reports today that Richard Raysman is leaving Thelen Reid Brown Raysman & Steiner. Peter Brown left in April and the latest rumor is that Jeffrey Steiner is leaving too. That’s Brown Raysman & Steiner, who merged with Thelen in 2006.

We also hear from a former partner that the firm is looking to close a floor in Los Angeles and another, the 23rd floor, in San Francisco. The firm has told attorneys and staff that it’s looking for a new merger partner, not quite two years after its fling with Brown Raysman & Steiner.

Thelen took a big hit last month, with the departure of Mark Weitzel, one of the most highly compensated partners last year, and three others for Orrick. If Steiner is leaving — and that’s just the whisper our source says is going around — it would be another heavy blow for the firm. Steiner, one former partner tells us, was the most compensated lawyer in the firm last year. According to our source, the firm doles out profits on a point system, which each worth about $25,000 last year and Steiner taking home 120 ($3 million) and a large bonus. He has a team of people, who he’d likely take with him, working on complex real estate transactions for clients such as Credit Suisse, we’re told.

We called Steiner’s office and were told he’s out of the country most of the week. We’ll try back in a few days.  Meanwhile, anyone else with thoughts about Thelen, the state of its last merger or its prospects for the next one, please hit the comment button below or drop us a line.

— Niraj Chokshi